Share this article
SoftBank Leads $60M Funding Round for B2B Payments Platform Tribal
Tribal will use the money to continue building out its teams in Latin America, and also plans to release some crypto-related products later this year.
By Brandy Betz
Updated May 11, 2023, 7:16 p.m. Published Feb 3, 2022, 2:00 p.m.
Make us preferred on Google
Tribal Credit, a business-to-business payments and financing platform for emerging markets, has raised $60 million in a Series B funding round led by SoftBank Latin America Fund, with participation from Coinbase Ventures. The round brings total funding for Tribal up to $140 million.
Japanese conglomerate SoftBank launched the $5 billion SoftBank Latin America Fund in 2019. A $3 billion Latin America Fund II followed last September.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Other participants in the round included BECO Capital, QED Investors and Rising Tide. In addition to the funding round, secondary shares were offered to Circle Ventures, AGE Fund, Third Prime, Canas Capital and Acuity Ventures.
San Francisco-based Tribal has customers in over 22 countries, and will use the funding to continue building out its teams in Brazil, Mexico, Columbia, Peru and Chile.
Read more: B2B Payments Platform Tribal Raises Debt Round Including $20M in Stellar USDC
“Tribal is using crypto to fundamentally change the rules of the game for payments and lending. Very few companies can bridge TradFi and DeFi in such an innovative, yet seamless way,” said Shu Nyatta, Managing Partner of SoftBank Latin America Fund, in a press release.
Last month, Tribal raised a $40 million debt round from the Stellar Development Foundation, which brought stablecoin USDC into the Tribal ecosystem. The company said crypto-related products would launch this year but hasn’t provided specifics.
More For You
More For You
American crypto holders are scared and confused about this year’s new IRS tax rules
Crypto tax platform, Awaken Tax, polled 1,000 crypto holders about a radical shift from self-disclosure to automatic reporting of transactions.
What to know:
- New rules compel crypto exchanges like Coinbase to issue a Form 1099-DA to the IRS this week.
- The rules are a “blunt instrument,” according to Awaken Tax founder Andrew Duca, created by legislators who know nothing about crypto.
- The onus falls on the holder of crypto to “patch” what’s missing in terms of their crypto acquisition costs and actual tax basis.
Top Stories
